Li-Backed Hyphen Taps Goldman Sachs to Explore Funding Options

Hyphen Group, a financial technology firm backed by Hong Kong billionaire Richard Li, is exploring funding options including a listing via a special purpose acquisition company and a private fundraising, according to people familiar with the matter.

Hyphen is working with Goldman Sachs Group Inc. to review strategic alternatives and has received interest from potential investors, the people said, asking not to be identified because the matter is private. A transaction could value the company at more than $500 million, the people said.

The company, which has operations in Hong Kong, Malaysia, the Philippines, Singapore, Taiwan and Thailand, intends to use the new funds for its expansion plans, the people said. Its revenue increased more than 80% in 2020 versus a year earlier, and continues to grow at a similar rate in the current year so far, they said.

Considerations are ongoing and no final decision has been made, the people said. Representatives for Hyphen and Goldman declined to comment.

Hyphen, formerly known as CompareAsiaGroup, helps people find the right credit cards, personal loans, and other financial products using tech-driven comparison tools, according to its website. It counts more than 11 million users a month across its eight brands and has expanded both organically and via acquisitions such as its purchase of Singaporean personal finance firm Seedly from ShopBack last year.

Hyphen has so far raised more than $110 million from investors including Li’s investment manager Pacific Century Group, Alibaba Group Holding Ltd., Goldman Sachs, the World Bank’s International Finance Corporation and Experian Plc.

©2021 Bloomberg L.P.

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